Kenya Targets $2.3 Billion in Foreign Bonds for Bulk of Debt
- Treasury seeks $1.13 billion sovereign bond in four months
- Government returns to more foreign than domestic borrowing
Motorists drive on Mombasa road during construction of the Nairobi Expressway in Nairobi.
Photographer: Simon Maina/AFP/Getty Images
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Kenya plans to raise more money from foreign than domestic loans as it takes advantage of global appetite for high-yielding debt.
The East African nation intends to raise 123.8 billion shillings ($1.13 billion) from sovereign bonds sold to foreigners in the next four months and an additional 124.3 billion shillings during the fiscal year starting in July, according to the National Treasury. The funds will help finance the budget.